The initial insured losses for the recent floods in the North Island of New Zealand are estimated at NZ$1.65 billion ($1.02 billion), according to PERILS, the independent Zurich-based organization that provides industry-wide catastrophe insurance data.
Losses incurred so far in the current year from the New Zealand floods and Cyclone Gabrielle are expected to surpass the total of all weather-related claims in 2022, said GlobalData in a separate commentary on the storms.